Estimated pivot point is at the level of 108.11. 

Analysis: Presumably, the downward correction has been completed as the wave ii within the wave C of senior level has finished forming. Apparently, a wave (c) of ii is nearing completion. If this assumption is correct, after completion of the correction the pair will logically go on declining to the levels of 111.68 – 114.36. The level 108.11 is critical in this scenario. 

Alternative scenario: Breakout and consolidation of the price below the level of 108.11 will allow the pair to continue growing to a level of 107.00. 

Our opinion: Buy the pair from correction above the level of 108.11 with the target of 111.68 – 114.36. 

 




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